Precursor Ventures argues the next decade may see more secondary sales in Series B and C rounds. The speaker notes that historically secondaries are often sponsored and organized by lead investors with sufficient fund appetite, but growing pools of dedicated venture-secondary capital mean more external buyers will be available for early shareholders.
Here's why I think the next 10 years could be different. I think increasingly there are more Series B and C rounds where the investor expectation is that if you were early, there will probably be a secondary. But right now that secondary sale is oftentimes sponsored and organized by the lead investor, and so long as the lead investor has appetite for the shares and a big enough fund, they can do it themselves. There is more money than ever flowing into venture secondaries in terms of dedicated funds, which to me means there will be more people hanging around the hoop who can buy.
